Tuesday, February 16, 2010
President Obama's announcement today that his administration will authorize the first federal loan guarantee for a new nuclear power plant should be a cause for celebration by all who seek a secure, low-carbon energy future for our nation. The $8.3B loan guarantee for Southern Company's Vogtle project is contingent on NRC approval of the combined construction/operating license for the two AP-1000 pressurized water reactors, and is the first for a nuclear power plant. This loan guarantee program, originally authorized under the Energy Policy Act of 2005, empowers the federal government to guarantee loans for projects that accelerate commercial deployment of new or improved technologies that will sustain economic grown, yield environmental benefits, or produce a more stable and secure energy future. Previous loan guarantees have been issued to solar photovoltaic, wind turbine, and and energy storage projects, as well as a carbon manufacturing plant. Thumbs up to the President !